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F50 Team GB Limited

Annual Report and Financial Statements
Year Ended 30 June 2023

Registration number: 12709484

 

F50 Team GB Limited

Contents

Balance Sheet

1

Notes to the Financial Statements

2 to 7

 

F50 Team GB Limited

Balance Sheet

30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

165,289

1,558

Current assets

 

Debtors

5

2,952,279

287,454

Cash at bank and in hand

 

572,294

531,193

 

3,524,573

818,647

Creditors: Amounts falling due within one year

6

(1,208,668)

(1,166,534)

Net current assets/(liabilities)

 

2,315,905

(347,887)

Total assets less current liabilities

 

2,481,194

(346,329)

Creditors: Amounts falling due after more than one year

6

(3,602,818)

(2,896,356)

Net liabilities

 

(1,121,624)

(3,242,685)

Capital and reserves

 

Called up share capital

7

11

10

Share premium reserve

3,805,285

757,009

Other reserves

8

6,064,276

3,462,536

Profit and loss account

(10,991,196)

(7,462,240)

Shareholders' deficit

 

(1,121,624)

(3,242,685)

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 9 February 2024 and signed on its behalf by:
 

.........................................
Sir C B Ainslie
Director

Company Registration Number: 12709484

 

F50 Team GB Limited

Notes to the Financial Statements

Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Towngate House
2-8 Parkstone Road
Poole
Dorset
BH15 2PW

The principal place of business is:
Hawkslease
Chapel Lane
Lyndhurst
Hampshire
SO43 7FG

These financial statements were authorised for issue by the Board on 9 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

These financial statements are presented in pound sterling (£) and rounded to the nearest whole pound.

Disclosure of long or short period

The prior reporting period was 6 months, which was a shortened period to bring the year-end in line with the parent Company. The prior period figures are therefore not entirely comparable.

Going concern

The Directors have considered the financial business plans for the Company together with the financial support it receives from its shareholders and are satisfied that it is appropriate to adopt a going concern basis in preparing these financial statements.

 

F50 Team GB Limited

Notes to the Financial Statements

Year Ended 30 June 2023

Revenue recognition


Sponsorship

The company recognise sponsorship income when the amount of revenue can be reliabily measured and it is probable that future economic benefits will flow into the company.

Prize Money

The company receive prize money for their overall finishing position in the Sail GP league and for top three finishes in each race they compete in. This income is contingent upon their finishing positions and so is only recognised as income once the position is known.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

5 years straight line

Computer equipment

3 years straight line

Boats - support

5 years straight line

 

F50 Team GB Limited

Notes to the Financial Statements

Year Ended 30 June 2023

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Except for bank loans, such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.




 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 3).

 

F50 Team GB Limited

Notes to the Financial Statements

Year Ended 30 June 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Boats
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 July 2022

3,506

-

2,995

6,501

Additions

3,707

173,368

-

177,075

At 30 June 2023

7,213

173,368

2,995

183,576

Depreciation

At 1 July 2022

3,506

-

1,437

4,943

Charge for the year

843

11,558

943

13,344

At 30 June 2023

4,349

11,558

2,380

18,287

Carrying amount

At 30 June 2023

2,864

161,810

615

165,289

At 30 June 2022

-

-

1,558

1,558

5

Debtors

2023
£

2022
£

Trade debtors

7,770

201,848

Prepayments

2,509,180

51,099

Other debtors

435,329

34,507

2,952,279

287,454

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

400,207

897,269

Other creditors

34,821

-

Accruals and deferred income

696,107

262,832

Owed to parent

77,533

6,433

1,208,668

1,166,534

 

F50 Team GB Limited

Notes to the Financial Statements

Year Ended 30 June 2023

Creditors: amounts falling due after more than one year

2023
£

2022
£

Due after one year

Loans and borrowings

3,602,818

2,896,356

The company has interest free loans of £4,367,186 from shareholders. These loans are not expected to be repaid until 2025.

As the loans are interest free, they have been discounted to their present value at 30th June 2023 of £3,602,818 with the corresponding credit recognised in Other Reserves.

Unwinding of brought forward discounting is recognised as Interest Payable in the Profit and Loss Account. In line with ICAEW Technical Release 02/17BL, an equal transfer has been made between Other Reserves and the Profit and Loss account, so that the net impact on the Profit and Loss Account is £nil.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

10

10

10

10

Deferred shares of £1 each

1

1

-

-

 

11

11

10

10

 

F50 Team GB Limited

Notes to the Financial Statements

Year Ended 30 June 2023

8

Reserves

Profit and Loss Reserve

Other Reserves

£

£

Brought forward

(7,462,240)

3,462,536

Profit for the period

(3,924,036)

-

Transfer between reserves

395,080

(395,080)

Capital Contribution additions

-

2,996,820

(10,991,196)

6,064,276

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £2,458,287 (2022 - £5,797,666).

10

Related party transactions

Loans from related parties

Balances due to related parties not under normal market conditions, with no interest, include £nil (2022 - £nil) to Athena Holdco Limited, £77,533 (2022 - £6,433) to Athena Racing Limited, £nil (2022 - £1,934,321) to Oracle Racing Inc and £4,367,186 (2022 - £1,644,727) to Boreas Sailing Limited.

Please see note 6 for further information on the Oracle Racing Inc and Boreas Sailing Limited loans.

11

Audit report

The Independent Auditors' Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report was Chloe Mills FCA, who signed for and on behalf of PKF Francis Clark on 13 February 2024.

12

Parent and ultimate parent undertaking

The company's immediate parent is Athena Holdco Limited, incorporated in England and Wales.

  These financial statements are available upon request from Towngate House, 2-8 Parkstone Road, Poole, Dorset, BH15 2PW